Our weekly roundup of news from East Asia curates the industry’s most important developments. Huawei moves to trademark its NFTs According to a Jan. 28 report by Sina News, Chinese telecom giant Huawei has recently filed for eight trademarks related to its Huawei “YunYunBao” nonfungible tokens (NFT) series. The trademarks include digital collectibles in the
Neal Stephenson’s science fiction novel Snow Crash predicted the Metaverse in 1992. This cult book has the amusingly-named Hiro Protagonist running around in an artificial cyber world, trying to stop a virus that wipes minds, aided by his hacker friend Y.T. Reality is a place to escape from, a neoliberal future wrecked by hyperinflation and
According to blockchain security firm CertiK, the damage caused to decentralized protocol BonqDAO on Feb. 1 may have been much less than initially thought. As told by CertiK, the attacker first borrowed 100 million BEUR, a euro-pegged stablecoin, with less than $1,000 in collateral due to a lack of controls on the collateralization ratio. If
On Feb. 1 and Feb 2. Bitcoin’s (BTC) price surpassed even the most bullish price projections after the U.S. Federal Reserve (FED) announced plans to raise interest rates by 25 basis points. Even though FED chair Jerome Powell told investors not to wait for interest rate cuts in 2023, during his press conference he did
The memecoin phenomenon didn’t prove as effective in the last month’s start of year crypto market rally, as the gains of the top cryptocurrencies in this category barely outperformed Bitcoin. The monthly gain of BTC stood at 44.5%, while the top two meme-based coins DOGE and SHIB gained 27% and 40.7%, respectively. Doge needs a
Ether (ETH) has been struggling with the $1,680 resistance since Jan. 20. Still, the ascending triangle pattern and improvements in investor sentiment in ETH derivatives provides hope that Ether price could reach $1,800 or higher by the end of February. This, of course, depends on how the Ether price behaves as it reaches the pattern
The number of crypto-related enforcement actions in the United States grew notably in 2022, according to a survey released by blockchain risk monitoring firm Solidus Labs. Both federal and state regulators broke records for enforcement actions. There were 58 actions carried out by the four main U.S. federal agencies engaged in crypto enforcement in 2022.
Avalanche (AVAX) bulls should brace themselves for impact led by a growing divergence between several key indicators on the daily-timeframe chart. AVAX price chart paints bearish divergence The daily AVAX chart shows a classic bearish divergence between its price and relative strength index (RSI), a momentum oscillator forming since Jan. 11. In other words, the price
Amid the controversy surrounding the Ordinals project and the debate over what types of data should be stored on the Bitcoin blockchain, the network mined its largest block, nearly 4 MB in size, containing just 63 transactions. One of the transactions was a 3.94 MB Ordinal inscription featuring an image of a wizard, and the
The idea of lifting the cryptocurrency ban has started floating in China as a former central bank official has called the country to review its stringent crypto restrictions. Huang Yiping, a former member of the Monetary Policy Committee at the People’s Bank of China (PBoC), believes that the Chinese government should think again about whether
The rise of Web3 functionality has been a boon for decentralized domain name services over the past two years, with millions of blockchain-based domains registered to date. Challenging market conditions may have hampered exponential growth, but industry leaders believe that utility-driven adoption will continue in the future. Web3 is fundamentally changing how businesses, brands and
One of India’s biggest retail chains, Reliance Retail, announced that they have started accepting the digital rupee at one of its store lines and plans to extend the rollout to all its businesses. In a report by Tech Crunch, the company said central bank digital currency (CBDC) support is already rolled out at Freshpik, its
Bitcoin (BTC) faces a sink-or-swim resistance test to confirm its “macro breakout,” a new analysis says. In a tweet on Feb. 2, on-chain monitoring resource Material Indicators flagged key levels to flip to support after BTC/USD spiked above $24,000. Bitcoin price gears up for trend line showdown In what was ultimately a boon for Bitcoin
Bitcoin’s (BTC) bullish surge in January has helped the Nasdaq Crypto Index to register its third-highest monthly gain, with a 38% surge. The cryptocurrency market started the year bullish, defying major bearish market outlooks. Bitcoin and a number of altcoins touched new multi-month highs as inflation cooled off. The Nasdaq Crypto Index (NCI) recorded its
Bitcoin (BTC) preserved its active trading range into the Feb. 1 Wall Street open as markets looked to the day’s key macroeconomic data. $23,500 becomes the level to beat for Bitcoin bulls Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it continued to move in a narrow corridor around $23,000. An upcoming interest
Ethereum’s next big upgrade, Shanghai, is on the horizon for March. The Shanghai hard fork will implement further improvement proposals for the Ethereum network as well as enable Ether (ETH) stakers and validators to withdraw their assets from the Beacon Chain. At the time of writing, staked ETH represents approximately 14% of the total supply,
A proposed class action suit against cryptocurrency exchange Coinbase, Coinbase Global and CEO Brian Armstrong alleging unregistered securities sales was dismissed in the United States District Court of Southern New York on Feb. 1. The suit, filed on March 11, claimed that 79 of the tokens listed on Coinbase were securities being sold without proper
A small-scale decentralized autonomous organization (DAO) has suffered a rather sizeable smart contract exploit leading to an estimated $120 million being stolen from its protocol. BonqDAO, which is behind the Bonq protocol, told its Twitter followers on Feb. 1 that its protocol was exposed to an oracle hack that allowed the exploiter to manipulate the
Bitcoin’s (BTC) price has been trading above $22,500 for 12 days. Of course, this situation can change even if Federal Reserve chair Jerome Powell issues positive statements about the economy in today’s post-FOMC presser. Even if the decision matches the market consensus, the post-meeting statement should be investors’ primary area of focus. Specific areas to
The U.K. has unveiled “ambitious plans” to “robustly regulate” various crypto activities, while seeking to protect customers and grow its economy. In the next three months, British authorities will accept public feedback on the new regulatory proposals designed to govern digital assets like traditional finance. British Government Sets Out to Regulate Crypto Market, Remains Committed